Article: Hong Kong Raises IPO Profit Minimum in Watered-Down Move

Article - Media, Publications

Hong Kong Raises IPO Profit Minimum in Watered-Down Move

Kiuyan Wong, 20 May 2021

Hong Kong’s exchange backed off from a proposal to double or even triple the annual profit requirement for companies seeking to sell shares on its main board following opposition from banks.

The threshold will instead be raised 60% to HK$80 million ($10 million) in the recent three financial years, effective starting next year, according to a statement released on Thursday. The exchange had proposed more than doubling or tripling the level. The bourse and the Securities and Futures Commission also issued a joint statement vowing to crack down on suspicious IPO activities such as inflating the market capitalization, executing “ramp-and-dump” schemes and unusually high underwriting commissions. Continue reading “Article: Hong Kong Raises IPO Profit Minimum in Watered-Down Move”

Article: JPMorgan Asia Units Fined for Regulatory Breaches in Hong Kong

Article - Media

JPMorgan Asia Units Fined for Regulatory Breaches in Hong Kong

Cathy Kit Ching Chan

Bloomberg, 15 December 2015

JP Morgan Chase & Co. unites were fined HK$30 million ($3.9 million) in Hong Kong for regulatory breaches by the firm’s instituional equities business between 2010 and 2013, including breaking a ban on so-called naked short-selling.

PDF (4 pages): JP Morgan Fine Hong Kong

Ex- Goldman Macro Trader Lim Reopens $1.1 Billion Hedge Fund

Bei Hu

Bloomberg, 2016

Guard Capital Management, the Hong Kong-based firm led by former Goldman Sachs Group Inc. trader Leland Lim, reopened its macro hedge fund to new investors this month after outperforming peers in 2015, said a person with knowledge of the matter.

PDF (4 pages): JP Morgan Fine Hong Kong